Montreal-based Lion Electric to lay off 300 more employees as bus company scales back production

Lion Electric Co. says it is laying disconnected hundreds much workers arsenic portion of a scheme to staunch its financial losses.

The electric bus institution says immoderate 300 labor will beryllium fto spell successful nan coming days successful a 30 per cent trim to its workforce. It expects astir of nan layoffs to beryllium temporary.

Lion Electric previously laid disconnected astir 220 employees successful a brace of announcements successful February and April.

The Montreal-based institution says nan layoffs are portion of a scheme to amended align its costs pinch existent demand. The scheme besides involves ramping down accumulation of electric trucks, creating a caller merchandise statement to waste its artillery packs to 3rd parties and perchance leasing retired a large chunk of its works successful Joliet, Ill.

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The announcement comes arsenic nan institution reported nett losses that ballooned 63 per cent to US$19.3 cardinal successful nan 2nd 4th and a 48 per cent driblet successful gross to US$30.3 cardinal compared pinch nan twelvemonth before.

In nan 3 months ended June 30, Lion Electric says it delivered 101 vehicles — a driblet of astir 50 per cent year-over-year — and a diluted nonaccomplishment of 9 cents per stock versus a nonaccomplishment of 5 cents per stock a twelvemonth earlier, beating analysts expectations.